peekpublishersAmazon has announced the closure of its UK Insurance Store, just 15 months after its launch. The tech giant cited “prioritisation” as the reason behind the move, stating its intention to focus on core business areas. While Amazon’s entry into the insurance sector was met with great anticipation, the company struggled to make significant progress in the market during its short time in operation.
In a statement, Vassil Gedov, Head of the Amazon Insurance Store, assured customers that existing policies and claims would remain unaffected by the store’s closure. Amazon has described the venture as a learning experience and will likely take lessons from the initiative going forward.
Despite its exit from the insurance market, Amazon has invested up to $4bn in AI startup Anthropic, demonstrating the company’s ongoing commitment to innovation and technology.
